Gold Price is attempting a minor recovery towards $1,750. The yellow metal is oversold but selling not over yet, with $1,722 still in sight, FXStreet’s Dhwani Mehta reports.
Bears bide time before next push lower
“On the daily chart, gold price remains on track to challenge the rising channel target aligned at $1,722, as the latest bounce is only seen as temporary.”
“The renewed upside in the metal could be attributed to the oversold conditions on the 14-day Relative Strength Index (RSI), which is currently at 28.40.”
“The ongoing road to recovery could be immediately capped by the $1,750 psychological level, above which a fresh upswing towards the powerful hurdle around $1,775 cannot be ruled. That level is the confluence of the January 28 low and the previous day’s high.”
“If sellers regain control, then the $1,700 mark will be at risk on a sustained move below the abovementioned crucial support at $1,722.”
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